News and Announcements

Raleigh software developer KnowledgeTree says it has seen top-line revenue double from quarter to quarter this year and has grown to 21 employees and more than 400 customers. With that growth came the need for more specialized roles, so company founder Daniel Chalef shed his CEO title to oversee product development and brought on Chris Atkinson to fill the chief executive role.

This study considers operating metrics from 66 public SaaS companies during their developmental period (pre-$50M in revenue). This report is meant to offer entrepreneurs insight into River Cities’ perspective and experience gained from more than 13 years of supporting SaaS entrepreneurs.

Kindred Healthcare announced that it has signed a definitive merger agreement to acquire Centerre Healthcare, a national company dedicated to operating Inpatient Rehabilitation Hospitals, for a purchase price of approximately $195 million in cash.

Indianapolis interventional medical device maker NICO Corporation and Toronto-based 3D visualization leader Synaptive Medical announced today at the Congress of Neurological Surgeons Annual Meeting that they have joined forces to integrate their innovative technologies for brain surgery.

River Cities has announced the sale of Construction Software Technology (known as iSqFt) to Genstar Capital Management, a leading mid-market PE firm. The transaction merges Cincinnati-based iSqFt with Chicago-based BidClerk, iSqFt’s top competitor.

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As a significant investor in our company, River Cities has proven to be a very valuable partner. They not only provided the capital, but also a unique blend of professional assistance and consultation especially as our marketing and sales strategies changed over the years. They also added a personal touch to the partnership.

— Bill Blakey, CEO, Electronic Data Resources

Testimonial

As a major equity sponsor of Health Integrated, River Cities has provided our company with a wealth of resources in critical areas such as resource planning, corporate governance and business strategy. They have consistently honored all their commitments for capital and time, through thick and thin. In fact, I consider them to be a part of my management team.

— Shan Padda, Chairman and CEO, Health Integrated, Inc.

Testimonial

What makes River Cities a trusted and valued partner is their strategic guidance and support of management during the inevitable difficult periods. In my estimation this separates a good investor from a great one.

— Rob Morocco, CEO, OrthoScan, Inc.

Testimonial

The River Cities team has been insightful and supportive throughout the challenges of launching a new business and the subsequent rapid growth of our company. They understand the key elements of successful strategy, collaboration, and the art of getting things done. River Cities is an extremely valuable partner to EndoChoice.

— Mark Gilreath, CEO, EndoChoice Inc.

Testimonial

River Cities continually challenges us to be our best. Since their investment in Simbionix a little over one year ago, they have consistently articulated wise business sense and counsel, which is highly appreciated. On the one hand, River Cities has challenged management to grow aggressively; while on the other hand they have worked with management to bring a disciplined, level-headed process towards moving the company to the next level. They have consistently demonstrated the right balance of support and trust, without interfering in the management of day-to-day operations. They have shown patience, and a keen over-the-horizon "big picture" strategic view, which transcends tactical issues. When we need River Cities they are always present with concrete and substantive support.

— Gary Zamler, CEO, Simbionix USA Corporation

Testimonial

River Cities is the perfect partner for Trax. Their funding, industry knowledge and thought leadership in the world of business-to-business SaaS will help us accelerate our growth and expand our offerings to a broader base of customers.

— Scott Nelson, President & CEO, Trax Technologies

Testimonial

I found River Cities Capital to be a terrific partner. Of course, they provided financial capital, but what I really appreciated about them was their solid, practical business wisdom. As an experienced start-up operator, I found that the team listened and understood before offering their insights into the issues at hand. I appreciated that they respected my approach and made solid suggestions directed at areas where I could truly use the feedback. River Cities has a unique blend of technological understanding and excellent business acumen.

— John Street, CEO, MX Logic

Testimonial

River Cities approached their investment in a way that made you feel like you had another positive resource. It was a true professional partnership with positive support and interaction. At the same time it is all about performance, and River Cities kept keenly aware of our business practices.

— Dennis Stripe, CEO, OrthoHelix

Testimonial

Over the past 30 years I have worked with many venture capital firms and found few true partners. You always hope a VC firm will bring more to the table than just cash but are often disappointed. River Cities combines the quantitative skills to help a CEO fine tune a business model, deep industry expertice and the qualitative artistry to build a synergistic partnership with their portfolio companies.

— Irv Shapiro , CEO, DialogTech

Testimonial

They invested during an uncertain time for the Company and our country, just months after 9/11. River Cities believed in what we were building, they believed in the management team, and they were willing to take risks, providing sound advice and asking thoughtful, tough questions. I highly recommend the River Cities team.

— Brian Hand, CEO, CrossMedia Services, Inc.

Testimonial

River Cities has taken the time to thoroughly understand our industry and our competition and their strategies through independent research. This research has been of tremendous value and has positively affected our strategies.

— Archie Black, CEO, SPS Commerce, Inc.

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ABOUT RIVER CITIES CAPITAL FUNDS

River Cities Capital Funds is one of the most active and experienced growth equity funds in healthcare and information technology. With over $500 million raised to date and more than 100 investments made, we have established ourselves as a preferred partner among the entrepreneurial and private equity communities.